The NAO's Comptroller said he had also qualified his audit opinion because the department's accounting policies were not fully compliant with International Financial Reporting Standards.
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When Amerco wanted to disclose to investors PwC's role in the accounting problem, PwC threatened to yank its audit opinion on Amerco's SEC filings, which would have had crippled the company financially, the suit says.
Further, while we also named PwC international and PwC U.S. as defendants, we only named them as control persons of PwC India as they were not the auditors and did not sign the audit opinion.
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Several audit firm professionals tried to convince the SEC and PCAOB staff that they were mistaken in the belief that broker-dealer auditors could not sign the broker-dealer audit opinion as well as help implement accounting software, prepare period-end journal entries and compile those same financial statements and regulatory reports that they would audit.
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The Heinbockels, as serial entrepreneurs, had a fairly complicated return, that led to a complicated audit that resulted in a rather lengthy opinion.
In my opinion, any one of the largest four global audit firms could audit, if rotated into service, any of the largest global financial services firms.
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The resulting lack of audit work can result in an auditor disclaiming an opinion on the financial statements.
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But all the firms quickly saw that they could now charge a lot more for the audit itself given the new requirement for a separate opinion on internal controls over financial reporting and the amount of work some sloppy companies had to do to document, test, and confirm internal controls.
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Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the accompanying financial statements and schedule taken as a whole.
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Deloitte was dismissed in June of 1997 after issuing a going concern opinion and a restatement of several years financial results that forced the withdrawal of their audit opinions for 1996 and prior.
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The bank simply certifies the accuracy and the completeness of the information submitted to the auditor and the auditor includes it in his financial report with the following gargantuan caveat: Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the accompanying financial statements and schedule taken as a whole (emphasis added).
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In spite of no legal requirement, EY and the other audit firms consented to inclusion of signed reports of their quarterly reviews (as opposed to an opinion which has a very strict definition in the standards and the law) in the 10-Qs of some other financial services firms.
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